The FCA reviewed a sample of implementation plans and found that many firms show they understand and embrace the shift to delivering good customer outcomes, which the Duty will bring, and have established extensive programmes of work to comply with it properly.
However, the FCA also found that some firms are further behind in their planning, so there is a risk that they may struggle to apply the Duty effectively once the rules come into force.
The FCA's update can be found within the member portal and we look forward to seeing members on Wednesday 22nd February for the Consumer Duty Conference. If you haven’t signed up yet, but would like to do so, please email us and we can make space available.